NEW YORK, September 21, 2018 /PRNewswire/ --
U.S. stocks continued to rise higher despite continued trade war
tensions between the U.S. and China. The Dow Jones Industrial Average jumped
514.9 points, or 1.9%, hitting a new high this year of 26,642.57
from its previous high back in January of 26,616.71. Earlier in the
week, the President announced his intent to implement USD 200 Billion of tariffs on China, to which China retaliated with tariffs on about
USD 60 Billion of products as well.
Tech stocks, especially FANG stocks, were notable losers early in
the week. On Thursday, tensions eased after the Chinese commerce
ministry said they hope to rectify the situation with the U.S. and
take proper steps. Micron Technology, Inc. (NASDAQ: MU), Red Hat,
Inc. (NYSE: RHT), General Mills, Inc. (NYSE: GIS), AutoZone, Inc.
(NYSE: AZO), Oracle Corporation (NYSE: ORCL)
The positive news eased tech stocks such as Facebook Inc.
(NASDAQ: FB), Amazon.com Inc. (NASDAQ: AMZN), Netflix Inc. (NASDAQ:
NFLX) and Apple Inc. (NASDAQ: AAPL) began to rise on settling
tensions. The S&P 500 hit an all-time high of 2,925.48, gaining
25.91 points. The Nasdaq Composite edged slightly higher as well,
gaining 48.45 points. Paul Brigandi,
Managing Director and Head of Trading for Direxion, in a
MarketWatch report explained that, "Fundamentally and technically,
the market is really strong right now. Corporate earnings have been
good, and economic data has been really good. At the same time,
there's a sense that China's most
recent trade retaliation wasn't as severe as expected, which led to
some optimism and relief that the situation may not turn into a
full-blown trade war."
Micron Technology, Inc. (NASDAQ: MU) announced Thursday
after markets closed results of operations for its fourth quarter
and full year of fiscal 2018, which ended August 30th, 2018. Revenues for the
quarter were USD 8.44 Billion, up 38%
compared with the same period last year. For the year, revenues of
USD 30.39 Billion, up 50% compared
with the prior fiscal year. "Micron delivered an exceptional fourth
quarter and capped record fiscal year results by becoming the
second largest semiconductor company in the U.S.," said
Sanjay Mehrotra, President and CEO
of Micron Technology. "In the fourth quarter, we set revenue
records across all our major markets, from automotive and
industrial to mobile and cloud datacenters. The secular and
diversified growth drivers in our industry combined with
accelerating pace of transformation of the new Micron form a
tremendous catalyst for us to create enduring value for our
customers and investors in 2019 and the years ahead."
Red Hat, Inc. (NYSE: RHT) reported it second quarter
financial results for fiscal year 2019. Red Hat reported total
quarterly revenue of USD 823 Million,
increasing 14% year over year. Quarterly revenue from its
Application Development and technology subscription revenue was
USD 196 Million, increasing 31% year
over year. The Company reported earnings per share of USD 85 cents. Analysts projected revenue of
USD 830 Million and earnings per
share of USD 82 cents. Red Hat shares
fell by 5%. "Customers continue to prioritize their digital
transformation initiatives, and they are adopting Red Hat's hybrid
cloud enabling technologies to modernize their applications and
drive greater efficiency and effectiveness in their business,"
stated Jim Whitehurst, President and
Chief Executive Officer of Red Hat. "The expansion of our
technology portfolio has increased our strategic importance with
customers, which is evidenced by the number of deals over
five million dollars in the second
quarter more than doubling year-over-year."
General Mills, Inc. (NYSE: GIS) reported its first
quarter financial results for fiscal year 2019 on Monday during
after-hours. General Mills reported revenue of USD 4.1 Billion, increasing 9% year over year and
an earnings per share of USD 71
cents. Analysts forecasted revenue of USD 4.13 Billion and an earnings per share of
USD 64 cents. General Mills shares
fell by 8.62% on Tuesday at the opening bell. "Fiscal 2019 is off
to a good start," said General Mills Chairman and Chief Executive
Officer Jeff Harmening. "We drove
organic net sales growth for the fourth consecutive quarter. The
Blue Buffalo transition is progressing well, and we continue to
expect double-digit top and bottom-line growth for that business
this year, excluding acquisition-related charges. And we're on
track to deliver our financial commitments, with first-quarter
adjusted operating profit and adjusted diluted EPS results ahead of
our expectations. Based on these results and our outlook for the
year, we are reaffirming our full-year fiscal 2019 targets."
AutoZone, Inc. (NYSE: AZO) reported its fourth quarter
financial results before the opening bell on Tuesday. For the
quarter, AutoZone reported net sales of USD
3.6 Billion, increasing 1.3% year over year. Domestic
same-store sales increased by 2.2%. Net income for the quarter
decreased by 7.7% year over year to USD
400.3 Million, or a diluted earnings per share of
USD 15.02. Shares fell by 2.96% on
Tuesday. "I would like to thank our entire organization for their
efforts that delivered solid financial results again in fiscal
2018. Our culture of exceptional customer service continues to
guide us every day and is our driving force. We were pleased to
deliver positive same-store sales for both our Retail and
Commercial businesses. We expected our sales, particularly in the
Rust Belt, to increase this summer and, for the most part, that
materialized. Additionally, our Commercial sales performance
accelerated nicely in the quarter growing 8.8%. While these were
positive developments, we believe we have further opportunities to
improve our operations and results. As we are investing to
grow, we will remain committed to our disciplined approach to
increasing operating earnings and utilizing our capital
effectively," said Bill Rhodes, Chairman, President and Chief
Executive Officer.
Oracle Corporation (NYSE: ORCL) announced fiscal 2019 Q1
results earlier this week. Total Revenues were USD 9.2 Billion, up 1% in U.S. dollars and up 2%
in constant currency, compared to Q1 last year. Total Cloud
Services and License Support plus Cloud License and On-Premise
License revenues were up 2% to USD 7.5
Billion. Cloud Services and License Support revenues were
USD 6.6 Billion, while Cloud License
and On-Premise License revenues were USD 867
Million. "We are off to an excellent start with Q1
non-GAAP earnings per share growing 19% in constant currency," said
Oracle CEO, Safra Catz. "That strong
earnings per share growth rate increases my confidence that we will
deliver on another fiscal year of double-digit non-GAAP earnings
per share growth."
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